Embedded Banking Services Market is Going to Boom | Railsbank, Synapse, Finxact
According to HTF MI, the Global Embedded Banking Services Market is expected to see a growth rate of 18.6% and may see a market size of US$ 250.6 Bil by 2028, currently pegged at US$ 58.3 Bil.
Published Via 11Press : Embedded banking services are the integration of financial services and capabilities into non-financial platforms, applications, or devices. It involves integrating banking and financial capabilities into the user interface or experience of another product or service. Banking services that are incorporated into financial services allow customers to access and use them without switching between different platforms or apps. These services are frequently made available through application programming interfaces (APIs) and software development kits (SDKs), which let third-party developers integrate banking functions into their own products or services. By removing the need for consumers to access multiple financial systems or apps and by offering a smooth and integrated user experience, embedded banking services aim to boost customer convenience. By adding financial services, developing new income sources, and improving client retention, it helps companies in a variety of sectors to increase their product offerings.
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Embedded Banking Services Market Key Players
Below are the most prominent enterprise Embedded Banking Services industry players.
- Mambu (Germany)
- Rapyd (United Kingdom)
- Solarisbank (Germany)
- 10x Future Technologies (United Kingdom)
- Railsbank (United Kingdom)
- Finxact (United States)
- Hydrogen (United States)
- Treasury Prime (United States)
- Thought Machine (United Kingdom)
- BBVA Open Platform (Spain)
- Synapse (United States)
- Plaid (United States)
Embedded Banking Services Market Key Segments
By Type
- Cloud-Based
- On-Premise
By Application
- Large Enterprise
- Small and Medium Enterprise (SMEs)
Embedded Banking Services Market Country Analysis
On the basis of geography, the market of Embedded Banking Services has been broken down by
- North America (which includes the US and Canada)
Colombia, Argentina, Chile, Brazil, and other South American countries
- Germany, Portugal, Italy, France, Spain, and the UK make constitute the continent of Europe.
The Asia region, which excludes Southeast Asia, is made up of APAC (China, Japan, Australia, India, and others) and MEA (UAE, South Africa, Turkey, Egypt, Nigeria, Saudi Arabia, Israel, and others).
In terms of embedded financial services, North America held the largest market share in 2022. Asia was designated as the second-largest market for embedded banking services due to the presence of important enterprises and the area’s strong technological advancement.
- North America is predicted to lead the market for embedded financial services. The biggest contribution in this area would come from the United States.
- Between 2023 and 2029, Europe is expected to lead the market for embedded financial services. The UK, Germany, and France will hold the largest market shares.
- The market assessment for embedded financial services also includes a breakdown by Southeast Asian (ASEAN) nations. It is projected that the embedded financial services industry would grow the fastest.
- The other significant Asian economies that are considered in the study are PRC, India, Japan, and Australia.
- Investors are paying attention to the markets in Central and South America. For embedded financial services, Brazil, Mexico, and Argentina are regarded as “Red Hot” markets.
- The Middle East’s embedded financial services sector is expected to grow quickly. The three major players are UAE, KSA, and Turkey.
- Africa: This continent continues to grow. South Africa would play the primary role, followed by Nigeria.
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Market Growth Drivers
- Embedded banking services provide customers with a convenient and integrated banking experience, allowing them to access financial services without leaving their preferred platforms or applications.
- Banks and fintech companies are leveraging embedded banking services to differentiate themselves in the market by offering innovative financial products and services that are seamlessly integrated into popular non-financial platforms.
Influencing Trends
- The adoption of open banking initiatives worldwide has facilitated the growth of embedded banking services by promoting secure data sharing and collaboration between banks and third-party providers.
- Banks and fintech companies are forming strategic partnerships to integrate banking services into non-financial platforms, enabling them to reach a wider customer base and offer enhanced user experiences.
- The proliferation of connected devices and IoT technology has opened new avenues for embedded banking services, allowing financial transactions and services to be seamlessly integrated into various IoT-enabled devices and applications.
Challenges
- The embedded banking services market is becoming increasingly competitive, with numerous banks, fintech start-ups, and technology providers vying for market share. Standing out in a crowded market can be challenging for new entrants.
- Building customer trust and encouraging widespread adoption of embedded banking services may be a hurdle, as some customers may be hesitant to use banking services integrated into non-financial platforms due to concerns about security and reliability.
Opportunity
- There is significant potential for embedded banking services to penetrate industries beyond traditional finance, such as e-commerce, travel, healthcare, and transportation, enabling businesses in these sectors to offer comprehensive financial solutions to their customers.
- As open banking regulations continue to evolve globally, there are opportunities for embedded banking service providers to enter new markets and establish partnerships with banks and fintech companies worldwide.
Restraints
- Embedding banking services into third-party platforms raises security and data privacy concerns. Ensuring the protection of customer data and maintaining regulatory compliance is crucial for the success of embedded banking solutions.
- The regulatory landscape surrounding embedded banking services is still evolving, and compliance with various banking and data protection regulations can be complex and challenging for service providers.
- Integrating banking functionalities into existing platforms or applications may require substantial technical expertise and effort, posing challenges for businesses looking to implement embedded banking services.
Major Development in the Embedded Banking Services Market
Report Highlights
| Report Attributes | Details |
| CAGR | 18.6 % |
| Market Forecast (2029) | USD 250.6 Billion |
| Current Market Size (2022) | USD 58.3 Billion |
| Dominating Segment | Payments and Transfers |
| Major Players Profiled | BBVA Open Platform (Spain), 10x Future Technologies (United Kingdom), Mambu (Germany), Rapyd (United Kingdom), Thought Machine (United Kingdom), Solarisbank (Germany), Treasury Prime (United States), Plaid (United States), Railsbank (United Kingdom), Finxact (United States), Hydrogen (United States), Synapse (United States) |
| Base Year | 2022 |
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The most frequent query:
Q1: How large is the embedded financial services industry currently?
A: The market for embedded banking services, which was expected to be worth US$ 58.3 bill in 2022, is expected to grow at a CAGR of 18.6% from that year through 2032.
Q2: What industry sectors are most crucial for embedded financial services?
A: The various market segments for embedded banking services globally include small and medium-sized businesses (SMEs), large enterprises, cloud-based platforms, services (payments and transfers, lending, and credit, financial analytics, other), and regions (North America, South America, Europe, Asia Pacific, MEA).
Q3: List the Top Vendors in the Embedded Banking Services Market.
A: Some of the key players in the Mambu (Germany), Rapyd (United Kingdom), Thought Machine (United Kingdom), 10x Future Technologies (United Kingdom), BBVA Open Platform (Spain), Finxact (United States), Hydrogen (United States), Solarisbank (Germany), Synapse (United States), Railsbank (United Kingdom), Treasury Prime (United States), Embedded Banking Services Market include Plaid (United States) Key Players.
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